Tue, May 14, 6:44 PM (73 days ago)
Southern States Bancshares, Inc.’s Q1 2024 report indicates a net income of $8.1 million, up from $7.7 million in Q1 2023, driven by a 6.6% increase in net interest income to $20.8 million. However, the net interest margin decreased to 3.59% from 4.07% a year earlier. Loans grew by $80.6 million, or 4.3%, reaching $2.0 billion, while deposits rose by $91.6 million, or 4.5%, to $2.1 billion. Noninterest income fell by 29.0% to $1.3 million, primarily due to a net loss on securities. Noninterest expenses increased slightly by 2.1% to $10.4 million. The allowance for credit losses rose to $25.1 million, reflecting loan growth and specific loan evaluations. The acquisition of Century Bank of Georgia is expected to close in late 2024, potentially impacting future operations.